Shift to electric cars will cost more than 100,000 jobs in Germany by 2035 - study

The shift to electric cars will lead to the loss of more than 100,000 jobs in Germany in the long run, according to a study by the Institute for Employment Research (IAB), which is part of the Federal Employment Agency. “By the year 2035, almost 114,000 jobs will be lost because of the transition to cars with electric propulsion,” the study says with reference to a scenario assuming that electric vehicles will reach a share of “only 23 percent” by that date. “The whole economy will lose 20 billion euros by 2035. This is equivalent to 0.6 percent of the price-adjusted gross national product.” A higher market penetration would exacerbate the economic effects, states the study. In contrast, a higher share of domestic car and battery production could generate more positive effects.